Licensing is lucrative because it generates money in two ways. First, you can license your IP to multiple licensees simultaneously. And second, it generates recurring revenue from these licensees. This is …

Leveraging IP means using it in different ways to create revenue. One of the most powerful ways is controlling rights to other peoples IP. A second and often overlooked way is to use it to get money from a partner who covers the costs to develop and test your IP.

Leverage means using a little to control a lot. It gives you the ability to use more than just you. Through leverage, you can effect change much more rapidly. Leverage equals speed, or velocity. The more leverage you have, the faster your journey to wealth. A common misconception is that leverage refers only to borrowing money. Leverage is so much more than just borrowed money. You can also leverage intellectual property through licensing.

The number one goal of intellectual property is to transform it into money making products and services. Every day you wait to do something with your IP, it costs you money – in legal fees, lost opportunities or unrealized income. But if you don’t map out a strategy and plan of how to get there, your odds of succeeding are low.